Martin Lewis reveals way to boost savings by £1000 - act now or lose this year's allowance

MARTIN LEWIS has made his name as a money saving expert, and he has been on hand to share his financial insights during the coronavirus pandemic. As the tax year end nears, this week, the financial journalist has pointed out a way in which savers could boost savings by £1,000.

The 2019 to 2020 tax year is coming to an end on Sunday, April 5. And while coping amid the coronavirus pandemic will no doubt be dominating much of the population's priorities, Martin Lewis has issued a warning for Lifetime ISA savers about this looming deadline this week.

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Jen Lloyd, savings expert at Skipton Building Society, commented: "For those with the goal of buying a first home, it makes sense to really make the most of the Lifetime ISA contributions before the tax year is up.

"The LISA comes with a 25 percent government bonus on whatever you save (up to £4,000) – so there’s up to £1,000 up for grabs.

"So if you have an account and you haven’t reached the £4,000 limit yet, deposit as much as you can before April 6 to benefit from the maximum government top up.

“For those that haven’t opened a LISA, but are considering doing so, now is smart time.

Martin Lewis: Some people may want to pay into their Lifetime ISA this week (Image: GETTY)

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"By opening one now, you can still benefit from government bonus in the 2019-20 tax year, as well as the 2020-21 tax year too.

"And if you max out your LISA, this means you could receive government top-ups of up to £2,000 over the course of one calendar year (but, over two tax years).

"This can really stack-up towards a home deposit – but bear in mind, if you’re close to point of buying, you will need to have had your account opened for at least 12 months to make your first home purchase.”

Eligible savers can open an account from the age of 18, and can save into the account until the age of 50.